Thesis: Small businesses rely on marketing philosophies and creativity and need relevant knowledge to excel. The following articles on small business operation enforce this statement.
Article One: Small Business Adoption of the Marketing Concept vs. Other Business Strategies
Small and established businesses alike adopt styles of doing business to achieve their goal as an entity. These goals are geared toward the prosperity of business, hence the need to a department handling the idea and practice: the marketing department. Businesses tend to adopt a set of ideas that can offer the greatest value to the business. This article refers to theses sets of ideas as business philosophy. This article is expressive of the fact that small or large businesses alike all need marketing strategies, and that marketing philosophies guide these marketing strategies. There are four main marketing philosophies: marketing concept, production concept, societal concept, and sales concept. The author of this article, therefore, advocates that the marketing philosophy is the main focus of business. Therefore, a business that subscribes to the marketing concept philosophy will place emphasis on customer satisfaction. In addition to customer satisfaction, such a business will also place emphasis on management toward the formulation of marketing strategies and plans. The fundamental satisfaction of the customer is dependent upon the criteria used for developing marketing plans and strategy. This philosophy relies on the understanding the customer want and needs: and accompanying cost implications. The business, therefore, designs and markets the final product to the consumer based on this product. Therefore, the business must research its market and profile its customer. The information retrieved is instrumental in developing a cost effective product to a select clientele. This is quite effective at ensuring that the final product is ‘pocket-friendly’ and ‘customer-specific.'
This is an excellent method of marketing: evidenced by its adoption by small and large businesses alike. However, it has a few flaws. The market today is influenced by a lot of change: it is very fluid. This is to say that the business cannot realistically keep up with an unpredictable market in its quest to produce customer specific goods. For a small business that relies on cost-effective measures to operate, this presents a high risk regarding losses if production avails an outdated product.
Article Two: Dealing with limited financial resources: A marketing challenge for small business
Marketing is central to all business strategies both small and large. It is important to keep up with the trends and ensure the operation and relevance of business. As such, all businesses have an element of marketing. The main cause for concern, however, is the cost implications of marketing strategies. This article acknowledges that contemporary market is characterized by unpredictability and competition from various businesses small or big, the business that keeps us with the trends generates revenue and remains relevant: otherwise, it fails. This is a major concern to small businesses. This article explains that the number one cause for failure of business, particularly small businesses, is the lack of the lack of knowledge and limited funds available. Going by this, if two businesses profited from a market strategy, the large business would consider how best to implement it while the small business would consider the cost implications of implementing it. This difference is brought about by the fact that small businesses operate on the edge of ‘financial doom’. They must, therefore, adopt creative ways to assimilate low-cost marketing strategies. This article also expresses concern about the owner’s influence on marketing. Conventional industries rely on marketing practices that can be accommodated by their established financial health. However, in small businesses, marketing relies solely on the experience of the owner. Therefore, the marketing practices are only as good as the owner’s.
The ideas presented in this article represent the concerns for most, if not all small businesses throughout the world. The main cause for concern for business developing is the cost implications. It is, therefore, important for a business to formulate creative means of limiting expenditure, budgetary implications and cost-effective practices in the sales effort. Small businesses are not only limited by their funds but also the creativity of the business owner.
Article Three: Some Exploratory Models for Assessing Small Firms′ Marketing Performance (A Qualitative Approach)
The previous article cited the importance of small business owners being creative in their bid to mitigate cost implications of running the business and the budgetary strains of such cost implications. This article, on the other hand, focuses on the role of experience and knowledge of the owner on the business. According to this article, a small business is wholly owned by one person – the owner – who is central toward the operation and development of the business. Their input determines whether the business excels or fails. This article, therefore, cites this as a limiting factor for the development and prosperity of the business. The fundamental cause for this reason, the author attributes to the knowledge available to the owner operating the business. Businesses are defined by their manner of operations. However, small businesses do not subscribe to conventional means of operation and are therefore difficult to define since they rely on creative measures. Small businesses are characterized by owners who rely on traditional methods of practicing business in a particular industry. This lack of relevant knowledge that is relevant to the small business in order for it to operate and excel in the contemporary market is the reason small businesses fail to have proper marketing approaches and succumb to failure consequently. This problem can be mitigated by creating awareness to small business owners on their lack of knowledge, providing marketing education and thorough research on marketing practices specific to the industry.
The views expressed in this article describe the major issue faced by small business owners: the lack of knowledge. Traditional methods of marketing and establishing business have become obsolete in the global village brought about by technology today. The issues presented and recommendations to acknowledge a lack of knowledge, the need for marketing education and awareness to small business owners is appropriate toward the functioning of a business.
References
Carson, D. (1990). Some exploratory models for assessing small firms' marketing performance (a qualitative approach). European journal of marketing, 8-51.
Peterson, R. T. (1989). Small business adoption of the marketing concept vs. other business strategies. Journal of Small Business Management, 38-46.
Weinrauch, J. D., Mann, O. K., Robinson, P. A., & Pharr, J. (1991). Dealing with limited financial resources: A marketing challenge for small business. Journal of Small Business Management, 44-54.
